
If you are ready for your next move you will want to work with a professional licensed mortgage broker living in Mississauga.
There will be many benefits and a great source of information available to you when you choose the right mortgage broker. You will not have to worry about information that you do not understand and this is where you can turn to your broker and who can be the person that can assist you to fully understand the process of your mortgage.
The first thing you want to do is to find out when you are going to be making your next move. You will want to allow plenty of time to prepare for this process. Your broker should have adequate time to get ready for the process. You should allow a good amount of time to prepare for the process.
You will likely need financing for your new home. Most people wish to work with a licensed broker that is not just qualified, but this broker should have the right contacts in the industry. When you choose a broker that lives in your area you will find that this broker will have a lot of contacts that you can use to help you get the best financing in your area.
You might have some special needs with a broker and you want a broker that is listening to these needs and helping you find the proper solution. Make sure that your broker is not only worried about their bottom line, as it can prevent you from finding the right financing for your situation and this can make a big difference in your mortgage funding outcome.
For those who wish to practice as a mortgage broker in Ontario, you must apply to the Financial Services Regulatory Authority of Ontario to upgrade your mortgage agent license (FSRA). To be a mortgage broker, you must have held a mortgage agent license for at least 24 months during the 36-month period preceding your application.
Concerning the license
A mortgage broker is a professional who works for a licensed mortgage brokerage and deals or trades in mortgages. Additionally, they may be in charge of supervising the activities of one or more mortgage agents. All individuals acting as mortgage agents or mortgage brokers must be licensed by the Financial Services and Regulation Authority (FSRA).
Licensing requirements
To become a licensed mortgage broker in Ontario, you must meet the following requirements:
Must be at least 18 years old.
Be a Canadian resident.
Have held a mortgage agent license for a minimum of 24 months during the 36-month period preceding your mortgage broker application.
Possess a mailing address in Ontario capable of receiving registered mail (not a post office box).
Three years prior to applying for the mortgage broker license, you must complete an approved mortgage broker education program.
If you haven’t already done so, enroll in an approved mortgage agent course. For additional information, please refer to the mortgage agent licensing requirements.
Education program for mortgage brokers
Prior to applying for your mortgage broker license, you must complete an FSRA-approved course and pass an examination. This course is available in English and French only through Mortgage Professionals Canada.
Within three years of completing the course, you must apply for your broker license. For more information, visit Mortgage Professionals Canada’s website to view the program’s details and eligibility requirements.
As you can see, brokers have a stringent protocol to follow in-order to provide services in Ontario. You will still want to work with a broker that will provide you with more than one option. You do not want to be stuck with just one mortgage option and the right broker will work hard to find all of the options that are available to you. This can help you to find out what mortgage products you qualify for and then you can make your final decision from there.
You may find that you have more options when you use a broker that has experience. If you have a situation that is a bit different you will find great information from a mortgage broker in Toronto.
A licensed mortgage broker can be an integral part of your team. When you understand what your options are it can make all the difference. Your broker will apply their expertise to your case and this can make a big difference.